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Updated over 3 years ago, 05/26/2021

User Stats

60
Posts
35
Votes
Taylor Nunn
  • Zion, IL
35
Votes |
60
Posts

If you started all over again, what would you do differently?

Taylor Nunn
  • Zion, IL
Posted

I've come across a lot of different stories on Bigger Pockets, and there are people who come from all different types of backgrounds. Everyone has had a different starting point. If you were young again, where would you start and what would you do differently? Is there anything you'd avoid right away, or something in particular you wish you started doing earlier?

User Stats

230
Posts
122
Votes
Wendy Black
Pro Member
  • Investor
  • Phoenix, AZ
122
Votes |
230
Posts
Wendy Black
Pro Member
  • Investor
  • Phoenix, AZ
Replied

You posed a loaded question without realizing it. What you really were asking was whether REI is in our souls, and for both my husband/business partner and I, the answer is no.

We enjoy investing--and we're good at it--but neither of us live and breathe real estate and can't wait to figure out how to put together a deal.  I'm a writer/journalist (with a master's degree) by profession; hubby was a technical supervisor.  

Without that "RE is in my soul" motivation, you need a certain amount of money.  That money didn't come to us until we were in our 60s.

  • Wendy Black
  • User Stats

    835
    Posts
    679
    Votes
    Sharon Vornholt
    • Goshen, KY
    679
    Votes |
    835
    Posts
    Sharon Vornholt
    • Goshen, KY
    Replied

    1. Not wait so long to get my first deal.  It was about a year for me. Just do it. 

    2.  You should crystal clear that marketing is your #1 job in real estate investing so get really good at marketing.  You don't need to know anything else if you don't have leads coming in the door.  This tends to be put to the side when things get tough especially if you have a JOB.

    3. Build your brand right from day 1.  I wish I had done that.  Marketing and branding go hand in hand.  Think of it this way: marketing is how you get deals in the door.  Your branding is why they choose YOU.

    4. Dive into your local REIA, groups like BiggerPockets, and blogs and read everything you can get your hands on. Instead of watching so much TV binge on real estate education.

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    User Stats

    2,434
    Posts
    1,873
    Votes
    Michael Plante
    • Deland, FL
    1,873
    Votes |
    2,434
    Posts
    Michael Plante
    • Deland, FL
    Replied
    Originally posted by @Sharon Vornholt:

    1. Not wait so long to get my first deal.  It was about a year for me. Just do it. 

    2.  You should crystal clear that marketing is your #1 job in real estate investing so get really good at marketing.  You don't need to know anything else if you don't have leads coming in the door.  This tends to be put to the side when things get tough especially if you have a JOB.

    3. Build your brand right from day 1.  I wish I had done that.  Marketing and branding go hand in hand.  Think of it this way: marketing is how you get deals in the door.  Your branding is why they choose YOU.

    4. Dive into your local REIA, groups like BiggerPockets, and blogs and read everything you can get your hands on. Instead of watching so much TV binge on real estate education.

     When you say marketing what does that mean please?

    Marketing to sell a property?

    User Stats

    835
    Posts
    679
    Votes
    Sharon Vornholt
    • Goshen, KY
    679
    Votes |
    835
    Posts
    Sharon Vornholt
    • Goshen, KY
    Replied

    No. Marketing to get deals.  Direct mail, websites, cold calling, driving for dollars, networking etc.

    User Stats

    60
    Posts
    35
    Votes
    Taylor Nunn
    • Zion, IL
    35
    Votes |
    60
    Posts
    Taylor Nunn
    • Zion, IL
    Replied
    Originally posted by @Sharon Vornholt:

    1. Not wait so long to get my first deal.  It was about a year for me. Just do it. 

    2.  You should crystal clear that marketing is your #1 job in real estate investing so get really good at marketing.  You don't need to know anything else if you don't have leads coming in the door.  This tends to be put to the side when things get tough especially if you have a JOB.

    3. Build your brand right from day 1.  I wish I had done that.  Marketing and branding go hand in hand.  Think of it this way: marketing is how you get deals in the door.  Your branding is why they choose YOU.

    4. Dive into your local REIA, groups like BiggerPockets, and blogs and read everything you can get your hands on. Instead of watching so much TV binge on real estate education.

     This was very helpful and informative Sharon, thank you! I definitely noted what you said. 

    Only problem I'm facing right now is analyzing and choosing a market that is going to work for my plans long term. Due to living in the Chicago area, I'm afraid I will not be able to sell or rent, so I'm looking to dial in on a neighborhood where I can see future growth. 

    User Stats

    506
    Posts
    404
    Votes
    Jody Schnurrenberger
    Pro Member
    • Investor
    • Asheville, NC
    404
    Votes |
    506
    Posts
    Jody Schnurrenberger
    Pro Member
    • Investor
    • Asheville, NC
    Replied

    @Taylor Nunn, a lot of folks I've seen on here in the Chicago area have been investing in Northern Indiana (I think it was) because it's cheaper, but basically a suburb of Chicago (or so I heard).  :-)

  • Jody Schnurrenberger
  • User Stats

    835
    Posts
    679
    Votes
    Sharon Vornholt
    • Goshen, KY
    679
    Votes |
    835
    Posts
    Sharon Vornholt
    • Goshen, KY
    Replied

    @Taylor Nunn - Reach out to John Casmon in your area. Casmon Capital Group. He is very knowledgeable about Chicago.

    User Stats

    60
    Posts
    35
    Votes
    Taylor Nunn
    • Zion, IL
    35
    Votes |
    60
    Posts
    Taylor Nunn
    • Zion, IL
    Replied
    Originally posted by @Sharon Vornholt:

    @Taylor Nunn - Reach out to John Casmon in your area. Casmon Capital Group. He is very knowledgeable about Chicago.

     Thank you Sharon, greatly appreciated! I will definitely be contacting him. 

    User Stats

    388
    Posts
    90
    Votes
    Liz C.
    • Property Manager
    • New York, NY
    90
    Votes |
    388
    Posts
    Liz C.
    • Property Manager
    • New York, NY
    Replied

    Wish I had find out this site earlier 10 years ago , I spend all my Time on FatWallet.com .

    And back 2005 when I could get any loan I want . I was too scare getting into real estate. I was only able to buy my own two family house , If I knew it I would have buy any property that makes good ROI . I would have Boguth 100 properties with east mortgage money = OPM. Lol

    Is just so hard to get loan nows days.

    User Stats

    2
    Posts
    0
    Votes
    Nick Slayter
    • San Diego, CA
    0
    Votes |
    2
    Posts
    Nick Slayter
    • San Diego, CA
    Replied

    This post is just such  wealth of knowledge. Everytime I visit it I learn something I missed the first time I read it!

    User Stats

    148
    Posts
    68
    Votes
    Corey Frank
    • Gillette, WY
    68
    Votes |
    148
    Posts
    Corey Frank
    • Gillette, WY
    Replied
    Originally posted by @Dustin Frank:

    Teaming up with the wrong business partner

    Hello! I know this is from 3 years ago but your post peaked my interest. Were their signs you had that this person was the wrong partner that you ignored? Do you wish you would have vetted better? HOW would you suggest avoiding this problem?